No, it's not. Google has gone so far above and beyond the DMCA's requirements here that it's hard to even see the DMCA at play at all.
If they were only following the DMCA rules, the video uploader would have the opportunity to send a counter-claim to Google, saying that they don't believe the content is infringing. Google then would put the video back up, without taking on any liability. If the original DMCA claimant still believes there's infringement going on, then their only recourse is to file a lawsuit against the uploader (not against Google, as Google has done their duty under the safe harbor provisions).
But instead, Google has decided to bend over backwards and create this Draconian mess that prioritizes the will of the big copyright holding cartels.